Some have speculated that stablecoins might pose dangers to the broader monetary system, citing the truth that Circle, which points and manages USDC, held giant deposits on the recently-shuttered Silicon Valley Financial institution. Chair Gensler himself tried to make a connection between Silvergate and Signature Financial institution’s actions in crypto and their final demise. Nevertheless, finally month’s listening to, Adrienne Harris, Superintendent of New York state’s monetary regulator, which regulated Signature Financial institution, definitively said that its failure was not crypto associated and known as the declare a “misnomer.”
